Purchasing Power Parity for Traded and Non-traded Goods: A Structural Error Correction Model Approach

When univariate methods are applied to real exchange rates, point estimates of autoregressive (AR) coefficients typically imply very slow rates of mean reversion. However, a recent study by Murray and Papell (2002) calculates confidence intervals for estimates of half-lives for long-horizon and post-1973 data, and concludes that univariate methods provide virtually no information regarding the size of the half lives. This paper estimates half-lives with a system method based on a structural error correction model for the nominal exchange rate, a domestic price index, a foreign price index, and a monetary variable. The method is applied to estimate half lives of real exchange rates based on producer price indices, consumer price indices, and GDP implicit deflators. The idea is that the traded component of the producer price index (PPI) is proportionately larger than that of the consumer price index (CPI). If the convergence rate is faster for traded goods prices than that for non-traded goods prices, half-lives for the real exchange rate based on the PPI should be shorter than those for the real exchange rate based on the CPI and that on the GDP implicit deflator. Our empirical results are consistent with this view.

Financial Development and Innovation-led Growth::Is Too Much Finance Better?

We show that the expansion of financial sector may hurt innovative activities and hence the innovation-led growth, using data on 50 countries over the 1990–2016 period. Countries with higher level of financial development are found to have a smaller positive or insignificant effect on innovation. The marginal effect of innovation on growth is a decreasing function of financial development. Using a dynamic panel threshold method we re-examine the possible non-linearity between finance, innovation and growth. We find that innovation exhibits an insignificant effect on output growth when credit to the private sector exceeds a threshold level of about 60% as a share of GDP. These results are not driven by banking crises, the long run effect of 2007–2008 financial crisis, or the ongoing European sovereign debt crisis

In vivo Bioluminescent Imaging of Mammary Tumors Using IVIS Spectrum

4T1 mouse mammary tumor cells can be implanted sub-cutaneously in nu/nu mice to form palpable tumors in 15 to 20 days. This xenograft tumor model system is valuable for the pre-clinical in vivo evaluation of putative antitumor compounds

Local and regional steppe vegetation palatability at grazing hotspot areas in Mongolia

Background: Climate and livestock grazing are key agents in determining current Mongolian steppe vegetation communities. Together with plant coverage or biomass, palatability of steppe community is regarded as a useful indicator of grassland degradation, in particular, at grazing hotspots in arid and semi-arid grasslands. This study analyzed relationships between livestock grazing pressure and steppe vegetation palatability at three summer pastures with different aridity (dry, xeric, and mesic) and livestock numbers (1,100, 1,800, and 4,100 sheep units, respectively). At each site, it was surveyed coverage, biomass, and species composition of different palatability groups (i.e., palatable [P], impalatable [IP], and trampling-tolerant [TT]) along a 1-km transect from grazing hotspots (i.e., well) in every July from 2015 to 2018. Results: In results, total vegetation coverage increased with wetness, 7 times greater at mesic site than dry one in averages (33.1% vs. 4.5%); biomass was 3 times higher (47.1 g m-2 vs. 15.7 g m-2). Though P was the dominant palatability group, the importance of IP in total coverage increased with aridity from mesic (0.6%) to dry (40.2%) sites. Whereas, TT increased with livestock numbers across sites. Locally, IP was observed more frequently near the wells and its spatial range of occurrence becomes farther along the transects with aridity across sites from mesic (< 100 m) to dry (< 700 m from the well). Conclusions: Our results showed that the importance of IP and its spatial distribution are different at both local and regional scales, indicating that the palatability parameters are sensitive to discern balance between selective-grazing demand and climate-driven foraging supply in Mongolian rangelands

Self‐Assembly Mechanism of Spiky Magnetoplasmonic Supraparticles

Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/106774/1/adfm201302405.pdfhttp://deepblue.lib.umich.edu/bitstream/2027.42/106774/2/adfm201302405-sup-0001-S1.pd

Ultrafast Intramolecular Proton Transfer Reaction of 1,2- Dihydroxyanthraquinone in the Excited State

1,2-Dihydroxyanthraquinone (alizarin) shows an ultrafast intramolecular proton transfer in the excited states between the adjacent hydroxyl and carbonyl groups. Due to the ground and electronic structure of locally excited and proton-transferred tautomers, alizarin shows dual emission bands with strong Stokes shifts. The energy barriers between the locally excited (LE) and proton-transferred (PT) tautomers in the excited state are strongly dependent on the solvent polarity and thus alizarin shows complicated photophysical properties including solvent and excitation dependences. The excited-state intramolecular proton transfer (ESIPT) of alizarin was monitored in time-resolved stimulated Raman spectroscopic investigation, where the instantaneous structural changes of anthraquinone backbone in 70~80 fs were captured. Two major vibrational modes of alizarin, ν(C=C) and ν(C=O) represent the proton transfer reaction in the excited state, which then leads to the vibrational relaxation of the product and the restructuring of solvent molecules. Ultrafast changes in solvent vibrational modes of dimethyl sulfoxide (DMSO) were also investigated for the solvation dynamics including hydrogen bond breaking and reformation

Open reduction of zygoma fractures with the extended transconjunctival approach and T-bar screw reduction

Background Zygomaticomaxillary complex (ZMC) fractures mostly occur in the form of tripod fractures. The surgical field is accessed using a combination of three classic approaches. However, the subciliary incision may have unfavorable aesthetic results. Herein, the authors report the advantages of the extended transconjunctival approach (ETA) combined with T-bar screw reduction in minimizing scarring and complications for the treatment of ZMC fractures. Methods A total of 26 patients underwent ZMC reduction through the ETA and intraoral approach. A skin incision measuring roughly 5 to 8 mm in length was placed following the lateral canthal skin crease. After releasing the inferior crus of the lateral canthal tendon for canthotomy, the medial periosteum of the lateral orbital rim was preserved for canthal reattachment. A limited subperiosteal dissection and partial relaxing incision of the orbicularis oculi were performed to expose the fracture line of the inferior orbital rim and zygomaticofrontal suture. Reduction was performed using a T-bar screw through the transconjunctivalincision and an elevator through the intraoral incision. Results The aesthetic and functional results were excellent. Successful reduction was achieved and the skin incision was less than 8 mm in 20 cases (76.9%). Only six patients had an additional skin incision (less than 5 mm) to achieve reduction. No cases of ectropion, entropion, or excessive scarring were noted. Conclusions The ETA using a T-bar screw is a useful method for maximizing aesthetic results in ZMC fractures, with the advantages of minimal scarring, faster recovery, and maintenance of pretarsal fullness

Subtle cytotoxicity and genotoxicity differences in superparamagnetic iron oxide nanoparticles coated with various functional groups

Superparamagnetic iron oxide nanoparticles (SPIONs) have been widely utilized for the diagnosis and therapy of specific diseases, as magnetic resonance imaging (MRI) contrast agents and drug-delivery carriers, due to their easy transportation to targeted areas by an external magnetic field. For such biomedical applications, SPIONs must have multifunctional characteristics, including optimized size and modified surface. However, the biofunctionality and biocompatibility of SPIONs with various surface functional groups of different sizes have yet to be elucidated clearly. Therefore, it is important to carefully monitor the cytotoxicity and genotoxicity of SPIONs that are surfaced-modified with various functional groups of different sizes. In this study, we evaluated SPIONs with diameters of approximately 10 nm and 100~150 nm, containing different surface functional groups. SPIONs were covered with −O− groups, so-called bare SPIONs. Following this, they were modified with three different functional groups – hydroxyl (−OH), carboxylic (−COOH), and amine (−NH2) groups – by coating their surfaces with tetraethyl orthosilicate (TEOS), (3-aminopropyl)trimethoxysilane (APTMS), TEOS-APTMS, or citrate, which imparted different surface charges and sizes to the particles. The effects of SPIONs coated with these functional groups on mitochondrial activity, intracellular accumulation of reactive oxygen species, membrane integrity, and DNA stability in L-929 fibroblasts were determined by water-soluble tetrazolium, 2′,7′-dichlorodihydrofluorescein, lactate dehydrogenase, and comet assays, respectively. Our toxicological observations suggest that the functional groups and sizes of SPIONs are critical determinants of cellular responses, degrees of cytotoxicity and genotoxicity, and potential mechanisms of toxicity. Nanoparticles with various surface modifications and of different sizes induced slight, but possibly meaningful, changes in cell cytotoxicity and genotoxicity, which would be significantly valuable in further studies of bioconjugation and cell interaction for drug delivery, cell culture, and cancer-targeting applications

Flood fragility analysis for bridges with multiple failure modes

Bridges are one of the most important infrastructure systems that provide public and economic bases for humankind. It is also widely known that bridges are exposed to a variety of flood-related risk factors such as bridge scour, structural deterioration, and debris accumulation, which can cause structural damage and even failure of bridges through a variety of failure modes. However, flood fragility has not received as much attention as seismic fragility despite the significant amount of damage and costs resulting from flood hazards. There have been few research efforts to estimate the flood fragility of bridges considering various flood-related factors and the corresponding failure modes. Therefore, this study proposes a new approach for bridge flood fragility analysis. To obtain accurate flood fragility estimates, reliability analysis is performed in conjunction with finite element analysis, which can sophisticatedly simulate the structural response of a bridge under a flood by accounting for flood-related risk factors. The proposed approach is applied to a numerical example of an actual bridge in Korea. Flood fragility curves accounting for multiple failure modes, including lack of pier ductility or pile ductility, pier rebar rupture, pile rupture, and deck loss, are derived and presented in this study.ope